It’s a harsh truth that a Lightwater residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Lightwater property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher premium will be due. The majority of flat owners in Lightwater will be able to extend under the legislation; however a conveyancer should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the process.
Leasehold premises in Lightwater with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Lightwater can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Lightwater lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luca was the the leasehold proprietor of a conversion flat in Lightwater on the market with a lease of a few days over 72 years remaining. Luca on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to exercise his statutory right. Luca procured expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Ms Laura Williams was assigned a lease of a purpose-built flat in Lightwater in October 2001. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative residencies in Lightwater with a long lease were valued about £201,200. The mid-range amount of ground rent was £55 billed monthly. The lease terminated on 17 February 2082. Given that there were 56 years outstanding we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including legals.
Mr and Mrs. I Jones moved into a recently refurbished apartment in Lightwater in October 1999. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative premises in Lightwater with an extended lease were in the region of £300,000. The average amount of ground rent was £50 collected annually. The lease ended on 21 November 2102. Considering the 76 years left we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.